IN BRIEF: Access Intelligence to raise GBP50 million for Isentia buy

Access Intelligence PLC - London-based software firm - Agrees to acquire Sydney-based media ...

Alliance News 15 June, 2021 | 5:59PM
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Access Intelligence PLC - London-based software firm - Agrees to acquire Sydney-based media intelligence and insights firm Isentia Group for AUD35.6 million, around GBP19.4 million.

The acquisition is being conducted through a scheme of arrangement in Australia, and is subject to shareholder approval from both countries and court sanction in Australia.

Access has already acquired a 20% interest in Isentia. In addition, the company will acquire Isentia's existing indebtedness once the acquisition is completed, and intends to pay off the total, which is estimated to be AUD45 million.

To fund the acquisition, Access Intelligence is looking to raise GBP50 million, through a placing of 39.8 million shares and a subscription of 1.8 million, at a price of 120 pence per share.

The issue price reflects an 11% discount to the closing price on Monday of 134.5p.

The company has already raised GBP1.5 million through the issue of 1.2 million shares via a PrimaryBid retail offer.

Access Intelligence now has 88.9 million shares issued overall.

"We are excited at this opportunity as Isentia is a leading media intelligence company in Australia and across the Asia Pacific. The acquisition is about investing in Isentia to combine our businesses to create the scale to give our clients a world-class global offering. We are working closely with the Isentia management on integration plans that continue to build on our strong cultural and strategic alignments. We look forward to combining businesses and serving the Asia-Pacific market," said Chief Executive Officer Joanna Arnold.

Current stock price: 128.70 pence, down 4.3%

Year-to-date change: up 46%

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Access Intelligence PLC 120.00 GBX 0.00 -

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